I just had my income tax return done

[Slick]

Well, I was dragging my feet on this because I knew I was gonna get nailed for taxes and I sure did. I got raped $52,000 in federal and $7,500 in state

I did pay about half of that in quarterly payments and I do have the other half of the money in the bank, so it's not too bad, but it's just hard parting with that kind of money

[MickeyG]

the more u make the more they take. sucks doesn't it.

[Manowar]

Tax sucks

[smack]

i'm getting RAPED on my SE taxes alone. i can't fucking believe it. it turned out to be more than my federal, and state tax put together.

[decrypted]

hah at least ur not in canada
if u make 100k a year you end up with like sometimes less then 50k take home

[MandyBlake]

that is why i am a supporter of a flat tax!

[smack]

Originally Posted by decrypted

hah at least ur not in canada
if u make 100k a year you end up with like sometimes less then 50k take home

i wish i did. i'm paying 45% taxes this year. at least in canada i could get some fucking healthcare.

[phogirl69]

Just curious, do you tell your cpa's you just do "internet marketing" or the like, or do they actually know it's porn related? Also, anyone know a good CPA in the Orange County area?

[woj]

ouch, $52k in taxes is rough...

[Sly]

Originally Posted by smack

i wish i did. i'm paying 45% taxes this year. at least in canada i could get some fucking healthcare.

You're paying 45% in taxes and you can't "afford" healthcare? Ummm... ok.

[Video-Post]

Originally Posted by decrypted

hah at least ur not in canada
if u make 100k a year you end up with like sometimes less then 50k take home

So? That's only 50%. You should try Europe

[Sosa]

damn that is alot for taxes. atleast you got the money in the bank.

[Cains]

Originally Posted by Video-Post

So? That's only 50%. You should try Europe

Actually it isn't that bad, set up a company and make it act as a holding company rather than a functioning business unit.

By this I mean, if you're webmaster business is doing well, use the profits to buy some land or invest in another business. You can do this and get away with paying minimal tax because you're operating at a smaller tax rate. Real estate in most Euro countries has a better ROI than stocks and is alot more secure.

[webspider]

What an ugly topic. I hate taxes

[Slick]

Originally Posted by phogirl69

Just curious, do you tell your cpa's you just do "internet marketing" or the like, or do they actually know it's porn related? Also, anyone know a good CPA in the Orange County area?

My accountant knows what I do. It doesn't seem to bother her, she actually seems happy for me that I can make the kind of money I do in the small area that I live in, there's no real economy in this small town, so for me to pull in a bigger income, it impresses her.

She's a wonderful accountant though. In the past my accountants seemed to go strictly by the book, they wouldn't do anything to try to help to trim some of the taxes. The accountant I have now is very thorough and does what she can to help out. She actually felt bad because she couldn't trim down on the taxes more, it's not like she could help it, he he he.

[Slick]

Yeah, it does suck paying all of that money in, but like my wife says, at least I have the income to go along with it which is a good point that helps me feel a little better, but it still sucks.

[rickholio]

Originally Posted by decrypted

hah at least ur not in canada
if u make 100k a year you end up with like sometimes less then 50k take home

I'm sorry, but this is absolute bullshit. The only people who get dinged for 50% are complete imbiciles that don't write down any expenses or take advantage of any of the major incentives given to small business in Canada.

If you pay 50% in Canada, you deserve to be raped, cuz you're an idiot who doesn't bother to find out how to get maximal value from your income.

PS - My total effective tax (combined business and personal) after RRSP contributions will be around 23%, and the fucking feds STILL haven't given me my HST refunds yet so that number will go down when they get off their asses.

[smack]

Originally Posted by Sly

You're paying 45% in taxes and you can't "afford" healthcare? Ummm... ok.

not that i can't afford it. i find it absurb the government taxes that much, and absically gives me nothing.

[Sly]

Slick, the bright side is you made a lot of money in 2004. The down side is you should have spent more. You should talk to your account about making some investments with your 2005 income so the bite isn't so bad a year from now.

Buy a vacation house or something. You have kids, I'm sure getting away for the summer would be nice.

[justsexxx]

Originally Posted by phogirl69

Just curious, do you tell your cpa's you just do "internet marketing" or the like, or do they actually know it's porn related? Also, anyone know a good CPA in the Orange County area?

My accountant agency, and the tax law guy know what I do for a living. When they don't know eaxctly how it works, how can they give me the best assistence in filling in my tax forms, bookkeeping papers etc?

Income tax in the netherlands is 52% btw. But of course you can declare many costs as operating costs.

Andre

[rickholio]

Originally Posted by Slick

Well, I was dragging my feet on this because I knew I was gonna get nailed for taxes and I sure did. I got raped $52,000 in federal and $7,500 in state

I did pay about half of that in quarterly payments and I do have the other half of the money in the bank, so it's not too bad, but it's just hard parting with that kind of money

I'll understand if you don't want to say this publicly, but can you give me an idea of what sort of revenue-to-tax ratio that $59.5k tax bill represents?

[Slick]

Originally Posted by Sly

Slick, the bright side is you made a lot of money in 2004. The down side is you should have spent more. You should talk to your account about making some investments with your 2005 income so the bite isn't so bad a year from now.

Buy a vacation house or something. You have kids, I'm sure getting away for the summer would be nice.

Thanks for the comments. Yeah, I did actually have a few expenses between my server expeneses and other stuff that I bought, it was like $65K worth. I guess that this year I'll have to spend more

Yeah, I almost forgot about the investing part. My accountant actually recommended that I set up an IRA for both me and my wifey. She says that if I drop $3000 into each account, that'll save me over $2000 on my tax bill which does make a lot of sense, so I think I'm gonna do that, it's like saving $6000 and getting $8000 out of the deal. I think that this year I'm gonna do a lot of investing though. Now that the money is good, I should be saving up as much as I can because I never know when it's gonna end.

[Slick]

Originally Posted by rickholio

I'll understand if you don't want to say this publicly, but can you give me an idea of what sort of revenue-to-tax ratio that $59.5k tax bill represents?

That's like a 30% tax on my profits.

[rickholio]

Originally Posted by Slick

That's like a 30% tax on my profits.

Ouch.

[robfantasy]

Slick what exactly do you do and where does your money come from

[Screaming]

hey man i would think it would feel somewhat good to have to pay that know it was only a portion of your income

[Slick]

Originally Posted by robfantasy

Slick what exactly do you do and where does your money come from

I run 6 TGPS which generate 1.2-1.3 million visitors per day. I pretty much use only sponsor hosted galleries, so that's where all of the money comes from.